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Westport (WPRT) Up 27.1% Since Last Earnings Report: Can It Continue?
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A month has gone by since the last earnings report for Westport Innovations (WPRT - Free Report) . Shares have added about 27.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Westport due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Westport Fuel Q4 Earnings Lag Estimates, Revenues Top
Westport Fuel’s fourth-quarter 2018 net loss from continuing operations was 8 cents per share, wider than the Zacks Consensus Estimate loss of 2 cents. Net loss per share from continuing operations was 14 cents in fourth-quarter 2017. Net loss from continuing operations in the reported quarter was $10.4 million compared with $20.8 million in fourth-quarter 2017.
Westport Fuel logged consolidated revenues of $60.5 million in the reported quarter, up 5% year over year. Moreover, the top line surpassed the Zacks Consensus Estimate of $59.8 million. This upside was driven by increased aftermarket revenue generation and Westport HPDI 2.0 shipments.
During the quarter under review, consolidated gross margin decreased to $12.3 million (20% of sales) from $14 million (24% of sales) in the year-ago quarter. This decline was due to product mix and fixed costs associated with the sale of Westport HPDI 2.0.
Adjusted EBITDA amounted to $0.2 million compared with negative $4.9 million in the prior-year quarter.
In the reported quarter, CWI revenues rose to $94.1 million from the prior-year quarter’s $91.6 million.
2018 Results
In 2018, the company posted adjusted EBIDTA (earnings before interest, tax, depreciation and amortization) of $9.7 million or loss of 31 cents per share compared with adjusted EBIDTA of negative $19.7 million or loss of 52 cents per share recorded in the prior year.
The company’s consolidated revenues rose 18% year over year to $270.3 million. In 2017, the figure was $229.8 million.
Financial Position
Westport Fuel had cash and cash equivalents of $61.1 million as of Dec 31, 2018, down from $71.8 million as of Dec 31, 2017.
At the end of the year, net cash flow used in operating activities in continuing operations was $27.4 million in comparison with the prior year’s $46.8 million.
Guidance
For 2019, Westport Fuel expects to sustain growth in light-duty and medium-duty businesses through aftermarket and OEM channels. It expects consolidated revenues from continuing operations to be $265-$295 million.
How Have Estimates Been Moving Since Then?
Fresh estimates followed an upward path over the past two months.
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Westport (WPRT) Up 27.1% Since Last Earnings Report: Can It Continue?
A month has gone by since the last earnings report for Westport Innovations (WPRT - Free Report) . Shares have added about 27.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Westport due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Westport Fuel Q4 Earnings Lag Estimates, Revenues Top
Westport Fuel’s fourth-quarter 2018 net loss from continuing operations was 8 cents per share, wider than the Zacks Consensus Estimate loss of 2 cents. Net loss per share from continuing operations was 14 cents in fourth-quarter 2017. Net loss from continuing operations in the reported quarter was $10.4 million compared with $20.8 million in fourth-quarter 2017.
Westport Fuel logged consolidated revenues of $60.5 million in the reported quarter, up 5% year over year. Moreover, the top line surpassed the Zacks Consensus Estimate of $59.8 million. This upside was driven by increased aftermarket revenue generation and Westport HPDI 2.0 shipments.
During the quarter under review, consolidated gross margin decreased to $12.3 million (20% of sales) from $14 million (24% of sales) in the year-ago quarter. This decline was due to product mix and fixed costs associated with the sale of Westport HPDI 2.0.
Adjusted EBITDA amounted to $0.2 million compared with negative $4.9 million in the prior-year quarter.
In the reported quarter, CWI revenues rose to $94.1 million from the prior-year quarter’s $91.6 million.
2018 Results
In 2018, the company posted adjusted EBIDTA (earnings before interest, tax, depreciation and amortization) of $9.7 million or loss of 31 cents per share compared with adjusted EBIDTA of negative $19.7 million or loss of 52 cents per share recorded in the prior year.
The company’s consolidated revenues rose 18% year over year to $270.3 million. In 2017, the figure was $229.8 million.
Financial Position
Westport Fuel had cash and cash equivalents of $61.1 million as of Dec 31, 2018, down from $71.8 million as of Dec 31, 2017.
At the end of the year, net cash flow used in operating activities in continuing operations was $27.4 million in comparison with the prior year’s $46.8 million.
Guidance
For 2019, Westport Fuel expects to sustain growth in light-duty and medium-duty businesses through aftermarket and OEM channels. It expects consolidated revenues from continuing operations to be $265-$295 million.
How Have Estimates Been Moving Since Then?
Fresh estimates followed an upward path over the past two months.